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Written by 9rules Blog on August 19, 2014

These days, everyone can use emergency cash. Life is so uncertain that you just don’t know what will hit you – and when. The smart thing to do, of course, is to have a savings account that will always be there for you whenever you find yourself in a pinch.

But what if you had just dipped massively into your savings because of a recent emergency? What if you find yourself in a bind again without cash? Maybe your credit cards are maxed out as well…

Good thing there are some options, and one of them are title loans.

What are title loans?

Title loans are a kind of short-term loan, which gives you access to cash in exchange for the title to your car (or any vehicle). Naturally, the title must in your name if you are the one taking out the title loan. Additionally, since title loans fall under the category of short-term loans, you will have to pay back what you owe in a relatively shorter period of time.

Many title loan companies have emerged to meet a need, one of them being City Loan, which is headquartered in Long Beach, California. As a testament to the gap in the market, the company has expanded their title loan services to include residents of other states: New Mexico, Texas, Missouri (coming soon), and Utah (coming soon). Anyone in their areas of service may avail of a title loan as long as they meet the requirements – which are very minimal.

How do title loans work?

First of all, as the name of the loan implies, you need to have a legitimate title to a vehicle. This actually serves as the collateral. Depending on the company, there may be slight differences in the requirements, but in general, you will have to show the lender:

the filled out application form

your car

the title to your car

your photo ID.

Once the lender checks the paperwork and approves your loan, he takes the title to your car and gives you the money. In some cases, lenders ask for a copy of your car keys.

Usually, a title loan needs to be paid back within 30 days; that is, the money you borrowed plus the fee that the lender charges. It is important to know that if you are unable to pay the loan back, you will lose your car. There are, however, details that you can arrange with the lender in order to make sure you don’t end up in an even bigger bind.

How can you take advantage of title loans?

Title loans are a great alternative when you suddenly find the ground opening up under your feet – which, sadly, happens to a lot of people these days. The economy is in a bad state, and for some people, life just seems to keep throwing curveballs at them. The good news is that these people can take advantage of title loans to receive quick money to take care of whatever pressing matter they are facing.

The operative word here is quick. In the face of an emergency, you don’t really want to wait for weeks or even days. Every hour may count, and with title loans, you can have cash as quickly as possible, allowing you to deal with the crisis immediately.

An important consideration when looking at title loans is the reputation of the lender. City Loan has made a name for itself by providing not only excellent service, but also making sure that their customers get a fair offer, hence their expansion.

“We are excited to bring The City Loan Difference to new markets,” says Bryan Gillooly, VP of Sales and Operations. “We have built excellent relationships with many customers in California and look forward to providing the same level of service and financial help that many people need in these new states.”

The bottom line

At the end of the day, you really never know what will happen. No matter how much you prepare for the future, emergencies such as accidents, health failure, or even job less can blindside you. If you need a stopgap financial measure, there are always title loans which can get you through.